sake's for the u.s. but the longevity of china's pace of growth has now been called into question and earlier i asked ginny yan from standard chartered what the future holds for the economy. investment is still the major driver of china more or less fifty percent of g.d.p. is coming from investment grade is the other. drivers of growth of course is consumption and exports. investment specially government state led investment still very much dominates china's growth of course a lot of this is catch up we have calculated that given that three provinces in china the smaller province's can grow towards the per capita income levels of tier one cities such as beijing shanghai. we can see at least seven percent growth in china for at least five more years and

even more if tier three economies are able to reach the per capita incomes of tier one cities now you talk about growth in the next five years or so but a lot of people have been talking about a hard landing we have got an aging population to do with wages are beginning to rise what do you think are the problems that will face the chinese economy in the future because they are around the corner on the horizon some would argue china faces many social problems and the recent financial crisis has highlighted a lot of these for example the unemployment situation of course the official unemployment data does not capture migrant workers so really getting these migrant workers to be included in china's. growth and transform ation into a much more market consumption less economy is very important the other problem

facing china of course is environmental and china is of course addressing. some of this these issues certainly from the new twelfth five year plan we can see a lot of emphasis is now put on green grace really addressing environmental issues now finally the very very major problem facing china which probably needs addressing really soon is reform in terms of constitutional reform having the right rules of law will benefit china in the longer term and without this i really don't think that china will sustain this current pace of chords for much longer than ten ten years or so. a moving element of the global market starting with wall street west stocks are still fluctuating between gains and losses as president barack obama held his ground about raising taxes for the

highest income americans and it's the anticipations who ground to those tools that leave the european stocks flat in the cheese day session that says investors stay on the fence even while you side stateside as debates continue between democrats and republicans on that so-called fiscal cliff the common currency is still climbing steadily really ever since that greek buyback deal which calls the initial optimism and it just continued on from there whereas the russian ruble that this is not finished up today was stronger against the dollar and you can see against the euro back. here in moscow than the markets they finished up in negative territory today as you can see under a percent of the arts yes and the my sex the fact that oil prices are going south isn't really help me out not as investors always keep a close eye on those here in moscow. moving on then dreams of becoming the next

james bond winning formula one or even designing your own fashion line may be on a typical aspiration list in most countries but here in russia jobs that people dream about on. far more modest according to the latest survey almost half of the russian population aspire to work for the biggest state run company gas brum so let's get over to the business but it's a now as you go to meet him and just there's so gas from where in the wrong place is the place to be a hair what is the most the desired employer in russia according to well what people say in the streets according to see on the national agency for four opinion polls and around forty four percent used to trust the statistics of respondents they dream of working there it's almost every other russian there it's actually moving up first of three percent two thousand nine hundred three out of ten would work for that company and the biggest biggest bank in russia's burbank finishes the

top three with twenty five percent of russians eager to get on the lender's payroll but these indeed are the three top gave us a big state corporations so why are russians so eager to work for state run corporations wants a new ring well the key word here would be stability katie because these giant companies they project an image that they are coal loss or they can weather any storm they have all the necessary ties within the government of the business will just keep on going for the next decade or so and so people basically expect that this would provide the biggest opportunities for them the highest salaries and of course safety for their jobs whereas a working for a private company i mean it does not project such an image does not provide such a stability but also this is a symbol according to ben our is the editor in chief of business new europe magazine this is a symbol that the russian labor market is undergoing

a transition period let's listen to what he said. in the ninety's they did a survey of school children about what they wanted to be when they grew up and the little girl said that they wanted to be hard currency person sees. things moved on and you know the company that the economy is functioning albeit not as well as it should be hopefully the next stage will be you'll see more and more companies private companies emerging like you and. wimbledon or whoever which will people and change and see these are dynamic companies that offer better working conditions that pays good and will change again i mean we're sort of halfway down the road at the moment if you like. billions of come a long way than from prostitution to now these high tech oh yeah well if you trust then ours yes well apparently yes we're moving in that direction that people would be looking at the most promising companies rather than market champions and market leaders so there is a there is

a transition period. and i k in terms of this opinion poll then do you think that it does reflect the state of the labor market in russia at the moment well you know you would think that if people are looking for stability then they're kind of running for shelter basically trying to get away from the chaos that we're seeing in europe and russia it's actually the other way around i mean the situation in the labor market is rather stable we have an unemployment rate data much better than it was even before the crisis so right now unemployment rate stands at a healthy value of five point three percent i mean we have twice as many vacancies on the market available right now than in january two thousand a. good on paper and also if you look at other sources these are of course opinion poll results of basically people in the street they either have a job or they don't have a job if you just look at what people are looking for when they're out of a job and looking for a new one or two main the web sites in russia super job to or you and you and they

have different data i mean super job has its top three as. google in the lives of different companies as most desired employers private bank for example first of all in the global name is google and headhunter or you says of right now actually more vacancies available than before most people mostly students and young people are looking for it so that's in line with global trends and the most desired professions are an accountant a driver and a lawyer at the moment so look at this different date so you'd say that the labor market is pretty healthy at the moment russia indeed to meet you thank you very much indeed me personally i just looked so good vending machine now and then i'm half. ok that sort of business now more new so coming your way with bill dal to stay with us after this break.

which is soften enough and knows that to ride a horse you've got to catch it first. for him it's a daily routine that you're soft as a horse breeder on the island of a horn at the heart of bike all his life on an isolated farm is about blue sky green grass and horses what sometimes it gets lonely here but horses have become part of me now i've fallen off so many times sometimes that bites as well it's part of my every day life. i holmes been home to it make brats locally just laugh for centuries most still live off the land of cattle and fish every evening local villagers place their nets and in the

morning the catch is always good. we always have enough here. if by call is often called the pearl of siberia horn is said to be the pearl of by call it's a land of fake forests. and vast staps. it's also a place of traditions respected by locals and travelers alike. an economist turned adventurer has crisscrossed by called shores and learned its customs well. you see pillars like this and thought to have supernatural powers every traveler who comes here asked. the spirits to make the journey easier on them give them strength and fulfill the dearest wishes i knew virtually undiscovered by

tourists until some twenty years ago i was cornish quickly becoming a magnet for nature lovers and fuel seekers but those used to five star pampering and maybe end for a surprise the island's infrastructure has yet to catch up with the growing demand here quite some way from civilization here accommodation on the island is very basic so you can forget about a t.v. or even run in water for most people a tent is the on the eruption but for those who come here it's exactly what they're looking for. a journey to buy coal can be unique trip of a lifetime and the local say once you've seen it you'll be coming back again and again.

he lives here most news continues now americans in the hundreds of thousands of clicked on internet petitions saying they no longer want their states to be part of the u.s. when the puerto investigates why a growing number of u.s. nationals are eager to rip the stars and stripes apart. tonight. or to wonder if there's ever a former colonies won the right to determine its own best of the. test a perfect thing of ours here we have moved forward by four weeks following barack obama's reelection nearly one million americans have moved forward by campaigning to break apart all fifty states have filed online petitions with the

white house requesting to peacefully secede from the so-called perfecting union. a movement that's garnered more than thirty thousand signatures in north carolina where many like michael tuggle see independence as a symbol may twentieth a consistent one the day that north carolina sated from the union and america's stars and stripes ripping at the seams there's no doubt in my mind that it is inevitable i mean something like this with the the debt this country has with the growing disunion among in the among the people they can't last forever and that's through the lesson of history big empires always collapse under their own weight. secession supporters like bernard thirst some say washington's weight of growing debt and lists wars government intrusion and a broken immigration system has become a bipartisan destructive force is beyond reform you can't reform that federal

government whether it's the republicans in charge or obama basically of the republicans are just as bad as far as we're concerned they're corrupt and are out of touch. in southern former confederate states like north carolina culture and social issues play a big role for those like harold cruz who believes the u.s. is too big and thus destined to fail north carolina and the south in general. were different country already and the united states and we simply need our own government we have different values different belief systems critics have dismissed secessionists as disgruntled voters angry over president obama's second term however in this year thousand a presidential election obama became the first democrat in more than thirty years to win north carolina a red state turned blue with the promise of change four years later tens of thousands of voters in the very same state believe they'd be better off on their

own us the average american the things they believe in they're tired of the endless wars and here we are talking about invading iran now i can't think of anything more evil the white house meanwhile promises to review and issue an official response to all petitions with twenty five thousand or more signatories at least seven states fit that category where used to be the interstate driving along at thirty five miles an hour by ourselves with society as a goal now we're being passed on both sides and lanes by people going faster than we are and it's amazing because here we were thought to be radical fifteen or ten years ago and now we're mainstream a mainstream movement to move apart marina point ny out artsy new york. american police take another controversial step to keep an eye on citizens'. personal text messages that's a new proposition submitted to congress by a group of law enforcement professionals see what experts have to say about it

a web site policy dot com. and a scholarship with benefits a web site offering university tuition for sex is exposed in the u.k. get the details on that story online. angle of merkel has been reelected head of germany's christian democratic union with a record ninety seven point nine percent approval she's now hoping to win a third term as chancellor next is general elections when earlier german politicians stephanie told my colleague to bang let's say he believes germany doesn't have any real alternative to the front. in crisis times people always flock around the strong leaders. there is neither in the union in the

christian democratic union challenger nor is there anybody from the opposition so far who is a strong enough personality to really challenge her so michael is trying to tie the e.u. to a fiscal union if michael is redirected for a third term how much will her european economic policy change i mean will it become more aggressive she seems to have a lot of weight since she is the most popular person at the moment. yeah it will not become more aggressive but it will be felt more strongly because this fiscal union which is imposed from central bureaucratic brussels will force. the people to accept things that they otherwise wouldn't accept so it will become and so governments and parliaments will lose its sovereign budget rights and that is unbelievable for a confederation of states as europe it is so if she is reelected will she be seeking to firmly establish germany as the center of the euro politically as well

as economically no i don't think so i think she will still seek the support of all other european partner countries however the central forces of brussels will become stronger and that is generally a bad. development it would be much better the sovereign states the confederation what have its proper parliaments to decide upon these things instead of somebody in the central in brussels well america london boris johnson has called the euro a calamitous project calling for a national referendum on whether britain should be in or out the idea of a separation from the e.u. is gaining momentum in the u.k. let's not discuss this with old he's the director of the group think tank well this is coming from the london mayor is a high ranking conservative he's talking about paring down the relationship between the u.k. and the e.u. is this putting a lot of pressure there bearing in mind his position does it put

a lot of pressure on the prime minister there and you can a moment. yes it does indeed many people see obvious johnson as a future prime minister of course some people don't like the idea of him being prime minister many people in the conservative party do and he's actually a political phenomenon norman in this country he's won the london he's been a twice elected mayor of london which is quite an achievement seeing as he's a conservative and london usually has a bias towards the labor party's over here to be successful here does mean a lot and some people think that he he will be a future leader of the conservative party perhaps even a conservative prime minister and some people actually want him to take over sooner rather than later so the more you get ticked yes he being a euro skeptic will that really win him the votes as it's something on people's minds of the moment do they want to see the u.k. out of europe. yes according to the opinion polls most people in britain do want

the u.k. out of the european union they think the e.u. is a massive burden both in terms of tax amount of money you have to pay to the yuichi and of course it's very burden of course johnson did recently sign a pledge supporting an in-out referendum now unfortunately he has backtracked from that somewhat because he's now just calling for a renegotiated relationship between britain and the u. whereas previously he has actually supported only now referendum he signed that pledge just over i believe a month ago i did it. well he did support of pledge to have a referendum now of course he's arguing that britain should remain a part of the e.u. single market which is actually one of the major ways in the e.u. controls economic activity in the u.k. and regulates the british economy which is a massive regulator burden which really does hold back economic growth that's the same for countries across the year and it's quite damaging so he does need to be more you

a skeptic if he's fully in tune with british public opinion which is really now. coming firmly behind in our referendum and of course most people actually favor coming out of the also the largest online and what i would probably isn't having that relationship that we see with the likes of norway sweden with the euro with the european union not a good way forward for the u.k. because because surely it still needs to have those trade ties economies so important as. yes trade with other countries other businesses on the continent is important just like it is around the world when we need a you one hundred percent of our economy is overregulated by the european union trade with other businesses individuals on the continent will always continue whether we're in the e.u. or whether we're out of the a you were a member of the european economic area britain has global trading links we don't really need to be run by brussels and the institutions of the european union telling this country what to do we're big enough to manage our own affairs really

would be a lot better off the konami care than it is really pointing towards if britain were to leave the european union it would be actually help the british economy it would actually help our economy to grow and it would reduce the burden on the british taxpayer because whatever it is our union if the u.k. were to fully pull out what would it do in this very difficult time this crisis. well the trade links will always continue will always be buying german cars or french wine and french cheese and and we'll be selling to them financial services and other goods that we make in britain so that won't change course what will change is that the money that britain has to hand over to the european union will cease or we can drastically reduce that we may want to contribute to some i.m.f. fund really at the moment that's not really in this country's best interest because it's not having austerity at home and we can't show it is not we can actually afford the european union yet but it's also there are so many other benefits are there of lot of being part of the union for example people who want to move around

the europe the european union for work immigration and and making life so much easier for business and trade them and also the cultural. aspects to that there's so much more than just being financial in economics isn't there. well a lot of the cultural aspects like university exchanges they are often organized by the council for europe which is a non e.u. institution and the free movement of people was can exist without the e.u. in fact that comes about via the what's known as the european economic area which britain also belongs to switzerland doesn't belong to the new or even the european economic area yet because their people can travel abound and vice versa the same for norway they trade links and cultural links and of course the free movement of goods and people will always continue even if you are outside of the u. but of course one thing is very important in britain at the moment is immigration we don't actually control their own immigration policy because that is really run

by the european union and at the moment there's a one employment in the u.k. and we'll be a lot better off if we didn't have so many people coming to this country seeking work that's very good good for them and all power to them to come here to really we do need to control of immigration because things aren't properly managed in this u.k. in the u.k. and the sources of just very briefly it is interesting that we are seeing a lot of talk now about the u.k. pulling out of the european union do you think it really could possibly happen i know that's what you want to happen just very briefly it's not realistic is it. mohl arkham a member debating with people decade ago and they're saying all of britain will join the euro are saying no actually the euro will break up and that that's more likely that will happen is that the european union is really going backwards is causing a great deal of economic harm not just in britain but especially in southern europe and we would be better off our now most people actually think that way in the u.k.

and it's time the politicians caught up and gave us a referendum on our membership and then they british people can have have their say and have a chance to vote as out of the european union which will regain our democracy and we'll be a lot better off as a result robert oulds director of the bridge group thank you very much indeed you may very persuasive thoughts there very interesting here we have to say thanks a lot thanks. washington's reportedly planning to double the size of its spy network abroad by hiring more than sixteen hundred undercover agents as part of an overhaul within the pentagon's defense intelligence agency which is expected to rival a cia scott horton contributing editor of harper's magazine believes the u.s. is admitting it has neglected the old fashioned tradecraft of gathering intelligence. this planning change actually can be read as an admission of sorts and that is that the intelligence that's been collected by this massive apparatus has been very very weak particularly in the critical north east.

middle east and. and the north africa region and also in pakistan the intelligence community did not see the arab spring calming. toria as mrs smith's about the situations and countries like egypt and syria for instance and i think in part this results from a heavy focus by the intelligence community overall on what's called signal signals intelligence that is very very sophisticated intercept systems to the detriment of the traditional human intelligence and i think now what we see in washington is a general acceptance of the fact that you can't do that the system is out of balance that they have to have much better human intelligence gathered on the ground to be able to interpret what they've gotten from signals and this is an effort to to address that problem but it also means continuously but wounding

budget for intelligence. in three minutes. luck. was.

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